This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

W.Va. Coal Exports Up 40 Percent Over Last Year

By DAVID GUTMAN

CHARLESTON, W.Va. (AP) â¿¿ West Virginia exported 40 percent more coal in 2012 than it did in 2011, but that wasn't enough to compensate for a decrease in domestic demand, according to government data.

The export data released Monday by the U.S. Department of Commerce shows West Virginia coal exports rose by $2.1 billion to a total of $7.4 billion for the year.

Despite the increase in exports, West Virginia coal production was still down more than 8 percent in 2012, and the mining industry in the state lost more than 5,000 jobs, according to the West Virginia Department of Revenue.

Much of the rise is attributable to increased demand from Asia. West Virginia coal exports to China increased more than fivefold, from $93 million to $567 million, between 2011 and 2012. Coal exports to Japan increased more than tenfold, from $29 million to $395 million.

Gov. Earl Ray Tomblin trumpeted the growth in exports in a press release Monday, but officials don't see exports as a substitute for declining domestic demand for coal.

"The foreign markets are going to be erratic, there's going to be good years and bad years for the foreign markets, whereas the domestic markets are more stable," said Deputy Revenue Secretary Mark Muchow. "Overall, the numbers are negative; we see coal production decreasing in West Virginia."

The extreme growth in Japan and China shows the volatility of the foreign coal market.

Japan, with very few domestic energy resources, is the world's second-largest importer of coal. The 2011 tsunami that caused a disaster at the Fukushima Nuclear Power Plant also caused damage at several coal-fired power plants. This caused coal imports to plummet in 2011. Unlike nuclear, coal has since recovered as an energy source in Japan, resulting in the spike in coal imports.

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,106.70 +29.83 0.17%
S&P 500 2,000.02 +2.10 0.11%
NASDAQ 4,570.6370 +13.29 0.29%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs